I hope you are keeping healthy and safe during these uncertain times. Thought I'd share a few points that might help you or your business navigate through this crisis
You may have heard that the federal government recently announced COVID-19 financial relief for businesses. The government is working with all the Banks to make the application available during the week of April 6. We will send a follow-up email when the application is available.
The Canada Emergency Business Account is a government-guaranteed loan of up to $40,000 that is interest-free until December 31, 2022. The loan is available to help businesses with operating costs during COVID-19. Twenty-five percent of the loan amount ($10,000) is eligible for forgiveness as long as the business pays back $30,000 on or before December 31, 2022. If the business cannot pay back the loan by December 31, 2022, it can be converted into a 3-year term loan at an interest rate of 5%.
Please continue to visit our COVID-19 website regularly for updates:
Safir Ahmad Babar
Chief Executive Officer